LVMH at $500 Bn👜, Data Bill agegating🙅🏻♀️, Mankind raises ₹1298 Cr ahead of IPO📊
LVMH cross market-cap of $500 billion, Data Bill: Age gating at 18 yrs, Mankind Pharma raises ₹1,298 Cr, Funding Deals and more.
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LVMH becomes the first European firm to cross the market cap of $500 billion
Data Bill agegating worries edtech, gaming, and social media firms
Mankind Pharma raises ₹1,298 cr from anchor investors ahead of IPO
Funding Deals
LVMH becomes first European firm to cross market-cap of $500 billion👜
LVMH on Monday became the first European company to cross the market capitalization (m-cap) of $500 billion.
The Paris-based luxury retailer has been able to reach that milestone on robust first-quarter sales in China and a stronger euro. LVMH is the world’s tenth-biggest company.
Shares of LVMH Moet Hennessy Louis Vuitton SE climbed 0.10% at €902 on Monday. In April so far, LVMH shares have surged 6.9%, lifting its m-cap to about $500 billion.
LVMH owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co.
Data Bill: Age gating at 18 years sparks concerns for edtech, gaming🙅🏻♀️
The government, in the upcoming Digital Personal Data Protection Bill, 2022, has decided to define those under the age of 18 as children — a move that has left edtech, gaming, and social media firms worried.
Under the new rules, experts said that a significant portion of the population must go through multiple hoops to access the internet. Sources told that this might adversely impact the edtech and gaming sectors since they will be forced to take explicit consent from their users.
Industry experts said that keeping the age of consent at 18 in India, as opposed to the international level of 16 years, will further the digital divide prevalent in the country and hamper the poor’s access to technology and information.
Mankind Pharma raises ₹1,298 Cr from anchor investors ahead of IPO📊
Mankind Pharma on Monday raised ₹1,298 crores from anchor investors ahead of its initial share sale that opens for subscription on 25 April 2023.
The pharma company allotted over 1.2 crore shares to 77 funds at ₹1,080 apiece, aggregating to ₹1,298 crores.
Nearly 77 investors have received shares via the anchor book of Mankind Pharma. Of these 16 domestic mutual funds through 41 schemes participated in the anchor round.
The IPO of the pharma company is going to open on 25 April 2023. The bidding will remain open till 27 April 2023. The issue is with a price band of ₹1,026-1,080 a share. At the upper end of the price band, the IPO size is estimated at ₹4,326 crore.
Funding Deals💰
Lokal, a hyperlocal content, community, and classified platform, has raised Rs 120 crore in a Series B funding round from new investors Global Brain and Sony Innovation Fund, with participation from India Quotient and other existing investors.
Study-abroad platform ASL (Adventum Student Living) has raised $5 million led by new investor Cornerstone Ventures (CSVP Fund).
Managed Office Space provider DevX has raised $3 million from marquee investors like Urmin Family Office, Bidiwala Family Office, Navneet Publications, and Venus Infrastructure, and Structural Consulting firm Ducon.
Tweet of the day🐥
What else?
⚖️ Britain to take on Big Tech with new legal powers
💸 Unacademy to be profitable at group level in April: CEO Gaurav Munjal
“A man who works for the immediate present and its immediate rewards is nothing but a fool.”
– Wilbur Wright
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